Hello traders,
If you remember from my previous analysis, I mentioned that Bitcoin was running out of momentum, and 8K retest was necessary (which did happen).
Looking at the 4 hour chart, Bitcoin is currently hovering around 8.5K. Dynamic volume profile indicates that 8.35K retest is necessary for next move. Ideally Bulls needs to break 8.5K and retest $9K again and observe next move. However, I am not sure if bears will even allow this retest. If bulls fail to defend 8.35K, we will see increase in bearish pressure. I will not surprised that Bitcoin will retest $6K in near future.
Happy trading!
If you remember from my previous analysis, I mentioned that Bitcoin was running out of momentum, and 8K retest was necessary (which did happen).
Looking at the 4 hour chart, Bitcoin is currently hovering around 8.5K. Dynamic volume profile indicates that 8.35K retest is necessary for next move. Ideally Bulls needs to break 8.5K and retest $9K again and observe next move. However, I am not sure if bears will even allow this retest. If bulls fail to defend 8.35K, we will see increase in bearish pressure. I will not surprised that Bitcoin will retest $6K in near future.
Happy trading!
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